Supreme Court Order On Validity Of Old Naira Notes Remains In Place – Lagos AG

• The federal government recently phased out the use of N500 and N1000 notes in violation of a Supreme Court order restraining it from enforcing a deadline.

• The government announced that it will allow the use of the old N200 note till April 10, a move that failed to pacify opponents of the naira redesign policy.

• Lagos has joined some states like Kaduna in insisting that all the old naira notes will remain legal tender as ordered by the apex court.

Eko Hot Blog reports that the Lagos State Government has broken with the federal government, saying the Supreme Court’s order upholding the validity of old naira notes as legal tender remains in place.

Recall that the apex court recently ordered the federal government and the Central Bank of Nigeria (CBN) not to enforce their February 10 deadline for the validity of the old N200, N500 and N1000 notes till it determines the suit brought by some states, including Lagos, against the federal government.

However, the federal government has refused to obey the Supreme Court’s order, forging on with its deadline to phase out the old naira notes.

Although President Muhammadu Buhari has extended the validity of the N200 note till April 10, the federal government no longer accepts the old N500 and N1000 notes as legal tender.

Appearing on the TVC Business Show on Thursday, Lagos State Attorney-General and Commissioner for Justice, Mr. Moyosore Onigbanjo (SAN) said the rejection of the old notes is contrary to the Supreme Court’s stand.

Onigbanjo threatened that petrol stations, banks and others who reject the old notes could be prosecuted.

The Senior Advocate decried the lingering naira scarcity in the land and the high charges by Point-of-Sales (POS) operators that have fostered untold hardship on Nigerians.

He noted that people who are hungry and have their means of livelihood eroded cannot care about any macro-economic policy or its short or long-term gain.

The Attorney-General said: “There is a contract between a customer and a bank that says when you bring your money to us you can have it back on demand.

“Any bank that refuses to give the money on demand has violated the terms and conditions of that contract and can be sued. I will advise Lagosians who have experienced suffering and injury as a result of the situation to press charges.”

In the commissioner’s view, it is ridiculous that Nigerians are buying their own money.

“Even the producers of goods and services are losing money due to the scarcity of new notes to purchase their products easily,” he said.

On his legal perspective on the recent Supreme Court ruling, the AG noted that though Buhari has enormous powers, he cannot repeal the order of the Supreme Court or any other court in the country.

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